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tv   Mornings With Maria Bartiromo  FOX Business  July 20, 2022 6:00am-9:00am EDT

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let's partner for all of it. i'm so glad we did this. edward jones larry: regulatory state socialism is a loser. radical climate activism is a loser. americans are trying to tell that to joe biden but he will not listen. the cavalry is coming. maria: good wednesday morning, everyone i'm maria bartiromo, wednesday july 20th, top stories right now at 6:00 a.m. on the east coast. today a hot streak underway. stocks are inching higher this morning and we are looking for more confirmation after citigroup and goldman sachs last week sparked a strong rally in stocks in financials and we are look ahead to another big week of earnings. take a look on what's on tap
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today, tesla reporting second quarter earnings after the bell tonight, beaten on earnings per share but losing fewer subscribers than anticipated. stocks finished up better than 2.4% on the day yesterday, continuing the hot streak after cv reporting last week. 50-day moving average for the first time since april 7th with big tech and growth driving the rally. dow industrials at the close up 754 points yesterday. the nasdaq up 353 and the s&p 500 higher by 105. we are talking about the month of 2022, so far more of the housing data out in a few hours, we are expecting existing home sales to see the lowest reading since march of 2020 at 10:00 a.m. eastern watch for those numbers. meanwhile president biden is making his way to massachusetts. his administration considering executive action now on the
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so-called climate change emergency as americans are facing pain at the pump and the administration continues to push through a climate agenda. the national gasoline price at 4.46 a gallon this morning, way down from the highs a week ago. crude oil now at 103.13, down 109. let's check stocks in europe this morning. also seeing a bounce recently. cac up 12 and the dax index right now higher by 20 points. european central bank considering taking rates up, taking from negative. green across the board, japan best performer two and two-thirds percent. mornings with maria is live right now.
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♪ ♪ ♪ maria: president biden is headed to shutdown power plants in massachusetts today to push his green agenda as americans struggle with soaring energy expenses the administration is still trying to take credit for falling gasoline prices an pushing through climate agenda. take a look at gallon in massachusetts 4.60 a gallon, that's 2.00 more per gallon than the week biden took office and lashing at joe manchin, transportation secretary pete buttigieg is still pushing eletric vehicles on capitol hill yesterday, watch. >> is the biden administration actively pursuing high energy prices to force americans to eletric vehicles? >> of course, not, the more pain we are experiencing from gas the more benefit those who can
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access electric vehicle. maria: john kerry under fire after his family's jet has admitted 325 metric tons of carbon dioxide since joe biden took office. joining the conversation all morning long this morning is national security founder morgan ortegus, fitzgerald principal keith fitzgerald. james freeman. isn't it interesting that even as we see inflation at 40-year highs even with gasoline coming off of the highs, we are still seeing this administration push through this clean agenda. from the securities and exchange commission throughout agency after agency. >> unbelievable. you can't have hollywood write a script like this. the level of economic iliteracy.
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>> i like to buy groceries and fill up my tank. >> go figure. >> i do think this winter he may regret mission accomplished moment in front of a closed power plant prices could really spike. it's the honest thing, this guy spent 36 years in the senate and 8 years as vice president when he was basically the lead negotiator in the senate and he responds to a bipartisan majority rejecting his agenda instead of coming back with another offer by saying, well, i will do what i can administratively and see how i can push limits of my authority and get what the democratic process could not get there. >> it's callus and response on afghanistan, not my fault. even after americans were killed, after the taliban took
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over and he has the same callousness and no one comes from the working family. maria: they are so out of touch that the ratings are there, the approval numbers keep on plummeting, the costs are rising for corporate america, you see the pushback, how is it possible that he's just ignoring all of this pushback on this agenda? >> my take for what it's worth, arrogance and disregard for what the americans are feeling is jaw-dropping. you better draw this. maria: maybe the scolding comes from the progressives on hand so he just -- >> makes you wonder. >> i think they will lose the house probably at a minimum and what can they get done and there's not a lot of big accomplishments of having big majority rule overall except for covid spending package.
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james: maybe that's what's it's going to take to lose the house and maybe the senate too. you think about clinton making a pivot after 1994 elections working on newt gingrich with new staff, capital gain taxes cuts, et cetera, we are still waiting for the biden policy turn and surprising given his history -- maybe we need to wait till november 9th. maria: we have higher borrowing costs, we have inflation at 40-year high and add higher taxes and think on the pressure to the american people and what's to come and consider that they are talking 1 and 1 and a half trillion dollars in taxes in this slimmed-down version of build back better. james: to the election point if he does not lose the house or the senate, that tax hike is happening. maria: right. james: it's not happening at the moment and, you know, they are working on a deal. that's what's on the table,
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whether it's going to have to be a turn in direction or build back better in november. maria: let's take a quick break and get into the earnings to have day. we are getting started. coming up biden border crisis spiraling out of control and blue city mayors want help with influx of bussed in migrants. doug collins is here weighing on congressional squad members think to go get handcuffed and arrested during the supreme court protest. wait till you see the pictures, ohio congressman jim jordan on now democrats moving to remove rifle ban. what else can we expect with tesla on tap today? don't miss it, you're watching mornings with maria live on fox business. we will be right back.
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maria: welcome back, what momentum, check out the stock of netflix, it is soaring 7 and a quarter percent in the premarket in second quarter release and loss of 970,000 subscribers, but that is much better than the two million lost that people expected. netflix beating on the earnings per share but missing on revenue. chairman reed hastings responding saying that the company's excitement is tempered by the less bed results he calls it. jp morgan raised netflix target price from 230 to 24 despite the stock being done over 66% year to date. it has been a rough year for netflix and this morning we see a bounce. futures this morning are also higher on another day of earnings and we did have a change abpivot in sentiment when
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citigroup and goldman sachs reported last week and we will see if that has legs and stays and s&p at 5 and nasdaq higher by 32. we are hearing talk of layoffs and hiring freezes in some of the earnings reports, certainly technology has been the leadership in terms of cutting back. goldman sachs looking to make year-end job cuts as well despite the strong earnings, goldman and citi, two only banks that reported second-double beat. tesla reporting after the bell today,let talk about the broader markets and capital chairman and ceo author of the new book america in perspective, david is with us this morning. david, great to have you. >> great to be here. maria: we will get to your book america in perspective, such an important topic and certainly something that we talk about all of the time but let me get your take on the macro story right now. what do you think is happening on earnings and backdrop and all
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of the fears of recession, has anything changed in your mind with this rally that we have seen in the last week and a half? >> no, i think the market is just going to continue to adjust to the signals it's getting and the federal reserve appropriately is being aggressive and they need to be but people need to recognize that we have a structural imbalance in the energy sector because we have no energy plan. we have a green new deal which has no deal at all and it has no plan to it, so you are going to see energy prices stay elevated as long as we have the supply imbalance caused by the own government. i think industry and investors are going to have to wait and many months before they finally realize, okay, here is where the playing field is and hopefully the republicans take back the house and the senate this fall so that we can at least have some certainty going forward and the nonsense stops. maria: so this is very simple in your mind, bad policies equals bad outcomes? >> that's right. the notion that the progressives care about oil prices, they do, they want them to go up. yes, it's politically
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inconvenient for the moment so they act like they want it to go down but the administration is doing absolutely nothing to bring them down. flying to saudi arabia the only thing it did is put a lot of carbon in the air. maria: the next thing talking about doing removing the china tariffs as a way to get around inflation to something else that the ccp wants. >> yeah, i don't even know what kind of impact that would have even in the short-term to help them politically but we know the impact that it would have on the long-term david but it would be devastating they know they are given an inch here in the united states, they'll take every negotiation with this administration as such. >> that's right. part of the reason that adam and i wrote the book was to get americans to get back, get back to consensus-driven society which is what our founding fathers started. there's a reason why they wanted 75% of the states to have to amend the constitution. two-thirds to impeach someone. 60% in the filibuster and we
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have to get back to that because basically we are driven off the cliff by the progressive who is don't want consensus. they know they can't reach consensus and they want to blood us into it. thank god for joe manchin. he's standing up to something that's critical, we work on con consensus. let's make a plan. maria: can you imagine they are pushing the agenda through and trying to get joe manchin on board? i mean, it's just extraordinary to me that they have touch a tenure, no pivot whatsoever, keith, no matter what the approval ratings are and no matter what the inflation stories look likes? >> their entire energy story is distract and deflect. there's no solution, there's no leadership, there's no plan, it isn't going to move forward, all they can do is move sideways. maria: yeah. as an investor, david, what do you do then, i understand the bigger issues that we are facing
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and where you write in the book, what do you want to do in the here and now as investor? >> use common sense. fossil fuels will be around for a very long period of time because there's no alternatives today and the alternative is nuclear power which the left doesn't like which is interesting because if you have existential threat you would think they would get arms around best technology. sticking to fundamentals and be very careful. maria: james. james: i think nuclear power is the test of seriousness for environmentalist, if they are not for it, it's hard to take what they say on climate seriously. confidence in the u.s., are we best housed in the bad world right now? have we peaked? and redescribe the reasons why we believe that and america and americans have to stand up and
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people -- overwhelming people reject the green new deal and these things. we have to show it at the ballot box. develop, consensus and take politicians out. one of the entire things that we have the president and vice president, nobody knows who is making the decisions and that's frightening. maria: there's a thing that president obama did with stephen colbert where he said i would like to wear pajamas and direct someone in the white house to do it. that's exactly what is happening. [laughter] maria: obama team -- it's funny but it's not really because it's actually really happening and then you have a federal reserve that swarmed this economy with so much stimulus. we will get another what 75 basis point hike? >> i think at least. they have to think about 100.
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while the economy is slowing, again, we have the structural cost structure and they are trying to throw a trillion dollars in the middle of inflation managed by someone who has zero experience on infrastructure. maria: unbelievable. defending the american dream for the next generation, that's exactly what we need to do, david. >> thanks for having us here. maria: drama on capitol hill, aco and ilhan omar fake being put into handcuffs. look at them holding their hands behind their backs, there are no handcuffs there. doug collins will weigh in. fancy trash, one city is shelling out $20,000 for designer rubbish bins. we will talk about it in the hot hot-topic buzz. back in a minute. ♪ ♪ ♪
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supreme court and the capitol is illegal. members of the squad turning the protest into a spectacle yesterday with congresswoman alexandria ocasio-cortez pretending that she was handcuffed. all for show before pumping her fist to a crowd of cheering supporters. she's putting her hands behind her back as if she's handcuffed. there were no handcuffs to be seen. joining me right now former georgia congressman former committee member doug collins, doug, great to see you this morning. thank you very much for being here. i guess putting your hands behind your backs as if you have handcuffs makes it look better. >> i thought the whole thing was set up very well. we had the nice car, makeup and the hair did well, we broke rank only one time. i thought she probably could have got the best actress award if she hadn't broke the moment where she had to put the fist up and put it real quickly back. other than that, it was made for tv moment for, you know, just no purpose at all.
quote
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it's really sad. former colleague john -- it's sad. the point is just to bring attention myself. aoc and the squad are best at one thing, self-promotion. that's all it's about. i guess the attention wasn't on them enough lately so they decided to go out and get fake arrests and make sure photos, mug shots look good. >> i think the biden administration continuing to carry on the green energy push, kentucky congressman thomas questioned transportation secretary pete buttigieg about real cost to americans yesterday watch this. >> if the average household plugged in electric cars, do you know how much more electricity they would use in comparison to the air-conditioning that -- that air-conditions the whole house. it would take four times as much electricity to charge the average household's cars as the average household uses on air-conditioning.
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>> the fact that people that have electric vehicles are going to use more electricity can't be a reason to give up. maria: doug, do you think that the transportation secretary understands the energy needs depending on what we are talking about here? >> no. i don't think he does and if you watch that -- a lot of the hearing yesterday when he got pushed and thomas pushed him very well and gave him facts and that's what scares the administration the most is facts of the agenda they are trying to push and when he got to the point where he didn't really understand the grid and how much was there, he said, well, that's not all of my part, we are only doing our part and this is what's concerning to me they are pushing the pain that people are feeling right now to make change. he's hiding and trying not to say it. that's exactly what's happening and they are making the american people pay for it. you said it all morning, this is
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an administration that doesn't want to understand what is actually going on around them. maria: james. james: congressman, how much harm people on the left would say how much progress can the president get done with administrative action now since he can't get climate bill through the senate? >> very little and i think that's -- especially in light of the recent court decision out of west virginia which actually brought it back to congress and having to do job as far as what is happening like the clean air act and others, they'll be things that he will be able to do around the edges but not what they are planning and not what they promised the american people and what we will see here is a stalemate but leading from the perspective of coming november, it'll be next to nothing getting through congress. that's why you are seeing so many bills at least attempt to show that they are doing something. >> that's interesting to me, congressman, is there a number,
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is there a number going around the hill where you say the administration potentially reverses course? >> no. i don't think there is because if you had seen this -- look, we have been 18 months of this. 18 months of one disaster after another disaer and another disaster pr wise and reality wise. they don't seem they want to change. it's a administration and the only thing they get good at is finding someone else to blame and that's become the real problem with the american people and what i'm seeing and really the agenda, and if you talk to democrats offline and off the hill, i've never seen a party so frustrated with their own president sitting in the white house. >> well, doug, listen, you are out of congress. i have a job idea for you. i think perhaps you should go educate the 15, 16 members that were fake arrested or fake handcuffs yesterday and teach them about civics and how the legislative body works and how
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they can actually pas laws if they want to effect change. i don't know about you but i think that's a good job for you next. >> you've actually hit the biggest problem in congress right now. there are too many people that go to congress and forget that their title is legislature instead of youtube star. maria: doug, great to see you. thank you so much,. >> good to see you as well. take care. maria: doug collins, blue city mayors now want the federal government to step in and help with the influx of bussed in migrants in their towns. we are on it next. plus dr. fauci flip-flops on retirement plans as dr. birx the covid-19 may have budged the numbers. coming after the break. ♪ ♪ ♪ ♪ ♪
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maria: welcome back, thank you very much for joining us this morning. i'm maria bartiromo, wednesday july 20th, we are looking at a mixed story this morning. dow industrials down 36 but the s&p 500 is down 3 and a quarter and nasdaq is higher by 3. no doubt there has been an improved sentiment. it was banner day on wall street with dow better than 700 points, handful of earnings in the last couple of weeks that certainly changed sentiment a bit. the question is does it have legs? we are questioning that this morning, dow industrials up 764 and s&p higher by 105. markets are still down in double digits percentage wise year to date. more of housing data out, june sales numbers this morning. we are expecting to see the lowest reading since 2020 as higher interest rates have put a crimp in market. tesla is up this morning ahead of quarterly earnings released
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after the bell tonight. stock is up about 1% right now in tesla. new york city mayor eric adams are warned that shelters are being overrun by migrants and calling on the white house to provide federal resources to help. adams claims the influx is due to texas and arizona sending migrant buss to new york city but he also appears to cast blame on biden's secret overnight flights to new york city airports after mayor claimed migrants were being tricked to get on buss to travel to her city. joining me right now texas department of public safety lieutenant christopher oliveras, lieutenant, thank you so much for being here. i want you to assess the situation at the border but before you do, what do you know of where the migrants go once they get on these buss? >> well, good morning, maria. thanks for having me on. what we do know for a fact the
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migrants being bussed from texas are going the washington. this is part of governor abbott's initiative to alleviate the flow of migrants that were flowing eagle pass and del rio and impacting the local communities and busing to washington, d.c. but, of course, experiencing a fraction of what the border communities face every single day when you have 2 to 3,000 migrants crossing daily in the specific areas. it just goes to show you, maria, they are not feeling the impact of what the local communities are feeling and the fact that the federal government has been doing for the very beginning having secret flights an busing immigrants to some of the other states as well. they've been doing ever since last year and all we are trying to do help alleviate smaller border community by busing migrants to washington, d.c. and now they are starting to feel the impact and they are not happy what's taking place right now and they have to understand what's taking place every single day here along the border when
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the smaller communities are having to face this every single day. maria: of course, texas has been feeling it for a year and a half and getting worse every day. how do you assess what's going on on the ground this week? they are worst than ever, up 528% since just june 2020 with 207,000 encounters last month. that makes more total encounters this fiscal year than the record total of all encounters at the end of 2021. the texas department of public safety continues to work on operation lone star which led to 279,000 migrant apprehensions, how do you see it and what's most important that we need to focus on this morning? >> well, maria, it continues to escalate. the numbers speak for themselves and even in the last couple of weeks i was at the rio grande valley of the unaccompanied
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children and are making long treacherous journey and placing lives in the hands of dangerous criminals when they get to mexico and that's what we are starting to see unaccompanied children. we know back in 2014 during the obama administration they declared an unaccompanied crisis when we just saw 68,000, you know, and companied children right now even last year 147,000 for fiscal year and this fiscal year we are on pace to 161,000 unaccompanied children and not just unaccompanied children and has migration but criminals that are coming across that are got aways. we are on pace, over 900 known got aways if you combine both fiscal years and fentanyl, maria, we are seeing increase in fentanyl that's killing americans every single day because the federal government is allowing the mexican cartels to distribute lethal drug into the country.
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maria: so terrible. unbelievable, chris, 900,000 got aways. what do you know about where they go, where do the got-aways go and you know there's 900,000 because they've been seen on surveillance camera? that's the number of got aways that we know about? >> right. but even then, maria, that's not accurate number, that's the number they see on mora, it could be 2 or 3 individuals. the majority there's 10 or 20 people in the group. that's an estimate number. the number is much higher right now. i'm in west texas, big bend sector, some of the migrants that we came across, they are making long treacherous journey for weeks and unforgiving terrain especially in west texas area where some of the immigrants are coming from guatemala making a week-long journey trying to get it to the highway and further to interior. these are migrants that we know of in areas because if they sent set up sensor or camera, we
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don't know where they end up. but again, this goes to show you, maria, this has not slowed down by any means whatsoever and the federal government continues to neglect what's taking place and abandoned the american people and this is intentional what's taking place. maria: how do you know what could be terrorists, right? we don't know how many terrorists were on the got away list. we know at least 50 people have been apprehended who were on the terrorist watch list. pete fitzgerald jump in here. >> that was my question, lieutenant, what's the composition of violent offenders on the list. can you remotely deal with the influx? >> quite honestly we can't because we don't know who is coming across the borders. 56 known terrorist as prehennedded in fiscal year 2022. that's just known. you take into account the known got aways, heifer 900,000.
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we haven't talked about the unknown that's gets by and it's concerning and good reason as to why -- a good question as to why the federal government has not taken any action trying to go after criminals and make more aggressive stance to apprehend terrorists coming across the borders. once they make it into the country they are lost into the system and they are in the interior. maria: we know that some have made it to new york and eric adams is now complaining, raising his hand. we will see if the biden administration recognizes that democrats are also complaining about this influx of people coming into the country illegally including got aways, including potential terrorists. lieutenant thanks for all that you are doing at the border. lieutenant christopher oliveraz. when there's a ton of other problems on the docket. we are talking about it in the
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hot-topic buzz this morning. you're watching mornings with maria live on fox business. stay with us. ♪ ♪ ♪
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maria: welcome back. time for the hot-topic buzz, san francisco is now dealing with rising crime ramping drug use, homelessness crisis yet the city is spending more than half a million dollars on new garbage cans. san francisco department of public works is testing 26 smart trash cans across the city with some costing as much as $20,000 a pop. there's 8 models with features like electric sensor to alert when it's full and rolling features to make it easier to tip waste in trucks and new slick designs. james, what do you think, is this the way san francisco should be spending its money? >> i don't know, san francisco taxpayers have been been asked to put up with a lot and still doesn't get the message and the voters have figured it out. they've recalled some school board people. they got rid of da who didn't --
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the prosecutor who didn't like to prosecute so now maybe this is the next step in the city's revival is let's go after waste fraud and abuse. >> i have to imagine after having trash cans they will come up for trash trucks. we should look good doing it. maria: come on. i get what you're saying but at the same time, i mean, there are so many issues to be spending the city's money on. >> i read in the article that the trash cans are 20 year's old. okay, maybe it is time to replace them but i think the problem is not the cans but getting people to actually put the trash in the cans and when you don't care enough about the city where you can use drug tons streets or defecate, i don't know if you will put trash in the can. >> how civil or uncivil has the city become and no matter what the trash looks like it's till for trash. you have to get people to use it and take responsibility and pride in their city and i submit
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it's not happening. maria: good point. when we come back is it a trade or comeback, crypto trades up bitcoin seeing gains at the market hits $1 trillion again, we will talk about it as bitcoin trades at 22,588 this morning. back in a minute. ♪ ♪ ♪ ♪ with my hectic life, you'd think retirement would be the last thing on my mind. hey mom, can i go play video games? sure! ...after homework. thankfully, voya provides comprehensive solutions, and shows me how to get the most out of my workplace benefits. what's the wi-fi password again? here... you... go. cool, thanks. no problem.
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maria: welcome back. well, bitcoin bouncing from the lows this morning, hovering around the $23,000 mark, the highest level in a month. bitcoin has had a volatile year, falling 60% from the all time high reached last november, around 68,000. joining us now, the head of repub be lick crypto, andrew derge. thank you for being here. what do you think is going on in crypto? is this a trade or have things changed? >> we've recently had incredibly positive news around the ethereum eco system. ethereum is moving toward proof of stake. september 19th of this year, a soft date has been targeted where ethereum will move from a proof of work network to a proof of stake network. that makes it extremely more efficient from an energy
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perspective which has been a really, really hot topic within the industry as far as crypto itself burning up or using up a large amount of energy. it will make it significantly more efficient. pair that with the fact that over 60% of bitcoin mining is coming in renewable energies, we find the industry more and more become less and less deputy on the energy infrastructure we see globally. maria: sounds like you see this as more than a trade. will regulation be a catalyst. >> there's an upcoming crypto bill posted by senator loomis, gillibrand crypto bill, likely to be deferred until next year which will give a little bit more runway and length for the crypto business to continue to experiment and expand before some of the swimming lanes are more defined. so if you mix that with some of the other items that are pushing the industry forward, like the
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merger, it's giving us breathing room and a bounceback from where we've seen ourselves recently. maria: let me get your take on the fbi warning, the fbi issuing a public warning over fake crypto apps. they've taken nearly $43 million from u.s. investors. an you drew, how significant is this issue? do you expect to see more of these scams as crypto gets implemented in more places? >> yeah, i think that scams are going to continue to happen just like they do in every aspect of tech, whether that's from e-mail fraud to credit card fraud. this is just another avenue for bad actors to try to take advantage of retail individuals being more and more involved, digital securities group is becoming more and more active. it's going to protect individuals throughout the u.s. i don't have any problems with
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that. if they can do anything to help groups like that, especially the public crypto side, we're here to be allies. >> one of the things that has gone through my head is how far the criminal element will go. is this rundown going to weed out the criminal activity as well as the debt as well as the bad actors and ultimately put a four in it, will it ultimately be good is what i'm asking. >> i think it will be great. you're looking at it the right way. as regulation comes in more and more, it will continue to carve out areas that are problematic. we're open to regulation, we look forward to finding our self in that position. but as with the market can fluctuations that's we've seen, we can see a lot of the lower quality projects or some of the nefarious actors fall out or lose their operating capital and so now we have a little bit of sun light to move through into the next phase of this industry which is super exciting.
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>> andrew, help me out with the value here. i don't use cryptocurrencies, i don't know people that use them as a kind of a regular part of daily life. this is an asset without an income stream. is this -- are you holding them for the day where you believe the u.s. dollar will be worthless, where the fed has failed? i don't understand the value. >> i do not see a scenario where the fed fails. that would be a much larger problem globally as we continue to see u.s. as the primary reserve currency. that being said, having other stores of value that have a limited amount of inflation or limited amount of overall inventory is super interesting. there's never going to be more than 21 million bitcoin in existence. we can't print more than that. so when you look at business coin as an asset for a store of value that in particular is very powerful. it's also important to remember
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that block chain itself, the simplest definition of block chain is the ability to digitally transfer one asset from one person or one entity to another without creating a copy. that's why money is a good proof of concept for that tech stack and the first proof of concept for that was bitcoin so the ability to only have 21 million bitcoin ever in existence and the fact that bitcoin is divisible by n minus the 8, et cetera, et cetera -- >> as useful as the technology may be, i don't understand how it immediately translates into value for a particular cryptocurrency, much less all of them. >> so we're seeing obviously a tons and tons of different speculative assets that are coming online. some with utilities. some not. and i think we're still very much in the early phases of this industry. you've got to remember, it takes about 25 years for human beings
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to adopt a new technology. e-mail was created in 1969. most didn't get an e-mail address until the late 1990s cell phones, tv, radio, they have a similar cycle and you a adoption. >> once it was a commercial product it caught on very quickly, i think. you would know better. >> to build on james' point, that's where i'm coming down. how does this actually have value? isn't what you're saying, i find it interesting. the irony is almost a 180 to what the early days of cryptocurrency represented. perhaps i'm old school, part of the over-the-hill crowd now. but i don't understand how it goes from regulation as bad we're going to exist outside the system to suddenly this is very good and we're going to rely on that as a base of value even though there's no transactions associated with it. >> the transparency aspect of crypto continues to be i think one of the most powerful aspects of that specific technology. the fact that every transaction ever in the history of bitcoin is publicly accessible and
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viewable through a ledger. so the ability to understand the sovereignty of those transactions is significant and that's going to continue to expand on forward and onward so i think when you start to pitch and hold it -- pigeon hole it into the speculative nature you can run into that problem you're talking about now. maria: andrew, thank you very much. we're looking at a bump higher in crypto. morgan, james, keith, stay right there. the next hour of "mornings with maria" begins right now. ♪ maria: good wednesday morning, everybody. thanks very much for joining us this morning. i'm maria bartiromo. it is wednesday, july 20th, your top stories right now, 7:0. today a hot streak, stocks are inch lower after a month of gains and a handful of better than expected earnings this past
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we're. we're looking for confirmation after citigroup and goldman sachs sparked a broad rally in financials and the broader market. tesla reports after the bell tonight. markets are mixed with the dow industrials down 53, netflix reported better than expected results last night beating on earnings per share, missing on revenue but reporting that it lost fewer subscribers than anticipated. netflix shares right now up 6 and-a-half percent at 214 and change after losing tens of billions in market value this year. stocks finished higher yesterday, up 2 and-a-half percent on the session, the nasdaq closing above the 50 day moving average for the first time since april 7th with big tech and growth stocks driving the rally. dow industrials were up 754 at the close yesterday, the nasdaq up 353 and the s&p 500 higher by 105. is this most recent gain a trade or has something changed. housing data out in a few hours and we continue to expect
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recessionary times, we expect existing home sales to see the lowest reading since march of 2020. president biden is still pushing his green agenda, making his way to massachusetts today. his administration considering executive action on the so called climate change emergency they're talking about as americans are still facing pain at the pump. the national gasoline price this morning coming in at $4.46 a gallon, that is down from the highs of the year. oil prices also down from the highs of the year with the price of brent at 106, 11 this morning, down 1.1%. the price of crude oil at 102, 85, that's down 1 and a third percent this morning. european markets this morning have a firmer tone but have reversed course. european markets are lower you across the board, ft 100 down 10, cac down 11, dax index lower by 47 this morning. the european central bank considering raising interest rates the first time in more than a month, taking them up from zero. in asia overnight green across the board with japan the best performer, japan's nikkei
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average up 2 and two thirds percent. "mornings with maria" is live right now. it is time tore the word on wall street, top investors watching your money. joining me is the fitz-gerald group principal, keith fitz-gerald and infrastructure capital management ceo and you founder and portfolio manager, jay hatfield. thank you for being here. keith, with the earnings story, netflix is soaring this morning after reporting second quarter numbers yesterday, the streaming service reporting a loss of 970,000 subscribers. the expectations were for 2 million subscribers cutting the cord. netflix beat on earnings per share but did miss on revenue. it laid off about 5% of its workforce in recent months. looking ahead to tesla after the bell. keith, this is where we have been seeing cutbacks and the obvious issues around recession technology and certainly these high fliers like tesla. >> there's no question about it. and the issue is going to come
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down to not necessarily the numbers themselves but what it's going to come down to is how the ceos see their companies navigating a potential recession, challenging labor market, that will matter to investors going forward. sentiment changed. there will be a lot of manipulation, the spin doctors will be out in full force. netflix is a great example of that. if you want to have your stock price go up, plan for 2 million loss, you lose just under a million, that's a good thing. maria: that's a good strategy. jay, what do you take away from the earnings season so far and how do you allocate capital in the uncertainty many do you believe the hot streak we've seen in the month of july. >> good morning, maria. actually, we do last time we were on we were relatively constructive and really because we did think earnings would be quite strong. and particularly with regard to domestically focused companies, so you saw the regional banks have reported very strong
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earnings. they have almost no credit losses. we think -- this happens almost every june -- that investors and particularly hedge fund investors get too pessimistic about the community, when you are seeing a lot of strengths, first quarter gdp very strong he domestically, weak net exports. even the gdp that's going to be reported here, most of the weakness is coming from inventory. so we're bullish particularly on domestically focused companies, not exposed to europe and their energy crisis. maria: jay, what about the fed, what about the recession, the federal reserve meeting is one week from today. are you expecting 75 basis point hike? >> we are. we don't believe they're going to go 100 because they do at some level recognize that monetary policy acts with a lag although we do fear that the fed -- we think the fed, it's almost like their third mandate is to be behind the curve. so just like they were behind
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the curve on big spending inflation, they'll probably be behind the curve again on anticipating the he decline. we see a decline in inflation starting in the fall, particularly driven by energy prices so that's really the big risk to the market is a fed that likes to drive the bus looking in the rear view mirror. maria: i guess my question is do you still see the risk of recession? keith, what about you? do you still feel the risk of recession even though we have gotten some better comments from corporate america the last week and-a-half. >> i think jay is being awful gentle. i think the fed has caused the next three crises. we've been in recession for the last several months. i look at the markets and i think potentially there's been enough damage done. we've had a number of companies reefing new lows. the number is diminishing and seeing such strong volume to me gives me hope. i think we could have a good, solid run if this holds. if we can make it through the
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next couple days we've got something on our hands that's worth it. maria: the nasdaq is down 25% year-to-date, s&p down 17 and-a-half percent year-to-date. what about that? do you think markets are still expecting recession? >> well, we think that they priced in a lot of the bad news. we see 15% upside for the market now using the current treasury rate so that's priced in a lot of central bad news. so we do think -- the other point that's really worth focusing on is that most people don't appreciate the fed's already reduced the money supply by about 15% this year which is the most since the great depression. so that's likely to reduce inflation going forward which would be a catalyst for the market. the only caveat is the market's normally really bad in september, october. so we see more of a year-end rally with the potential save during the fall. maria: did you say you think this market has a 15% upside
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potential in stocks? >> correct. so we have a theoretical model that has the basic inputted treasuries so it does matter that treasuries sold off dramatically but they're stabilizing so if you believe the earnings estimates over the next 12 months which is about 239 on the s&p then the fair value would be 4500. obviously a lot of investors don't believe that number so 15% discount more than capitalizes that. so we believe that after we get through the fall period that investors will start to he focus on that and we don't think earnings are going to fall off dramatically. particularly we follow more old economy companies and they're booming because of the energy crisis in europe, our energy materials, steel manufacturers, general manufacturing. we have an 80% cost advantage over europe so most investors don't focus on old economies, just focus on tech but the old
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economy's absolutely booming. we're constructive on the u.s. economy. not that it's going gang busters but it will stay out of recession. maria: i like 15% from here. jay, thank you for being here. keith, you're here all morning long, keith fitz-gerald, thank you so much, gentlemen. great word on wall street. coming up the house judiciary committee considers legislation today that would ban certain semiautomatic weapons, congressman jim jordan with a preview of the meeting coming up. and then a decade of deliciousness, cousins maine lobster is celebrating 10 years in business. i first spoke with them when they started the company 10 years ago. we're going to try some of the best delicacies from the food truck live from the fox flay. >> later this morning -- plaza later this morning. joining the conversation all morning long, morgan ortagus, james freeman and keith fitz-gerald. you're watching "mornings with maria" live on fox business. we'll be right back with this fantastic panel.
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maria: welcome back. well, now dr. fauci is walking back his retirement announcement. now he says he has no plans to retire. but instead, he intends to step down as director of the national institute of allergy and infectious diseases as we learn dr. burke, the coronavirus response coordinator, lied to the american people about covid-19 in her tell all book, she admits the rules telling people to quarantine for two weeks, stay six feet apart, limit gatherings to 10 people, they were made up. there was no magic number, they just made it up. burkes did not just make up rule. she was altering covid data in weekly reports to states would have a reason to escalate covid
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protocols. she knew about the wuhan lab leak all along. she told the mail that covid, quote, came out of the box, ready to infect but in spring 2020 she told the press it came from animals. morgan ortagus, you were there. you were working at the trump administration. tell us what happened. >> it's very frustrating to see this reporting two years later, maria, because in the spring of 2020 at the state department we went bay the way through un-- by the way through unclassified research, what we could find on the internet, through people speaking mandarin and we compiled a dossier that was circumstantial evidence but that could i think show that the lab leak theory was highly plausible when everyone at the time as you just pointed out were talking about the wet markets which really didn't make any sense. and i gave that information to every major anchor in america in an off-the-record call, bret baier from fox news is the only one at that time that decided to
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report it. but it was incredibly frustrating for us on the inside because while we could not prove the lab leak theory at the time we knew a few things. we knew the chinese communist party lied about inches p dents- incidents like this before. we know they don't tell the truth. we know they immediately started covering up, destroying live virus samples and there's was enough circumstantial evidence that the lab leak theirly should have been -- theory should have been taken seriously. there has been no credible investigation, no credible investigators allowed into china. we don't know the origin of the coronavirus. we never will. the chinese communist party is hiding it. maria: joe biden will not push the issue. he has spoken to xi jinping five times and have no evidence that he brought it up. before the call you brought up, we discussed it on sunday morning futures in march of 2020. senator tom cotton came on my program and said all of the circumstantial evidence shows
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this came from a lab likely, not from any wet market. all cell phone data was shut down in october, the october before, october '19. we have all of this other evidence where scientists were getting sick. all of this was brought up by senator tom cotton. after the show tom cotton was trashed and i was trashed and sunday morning futures was trashed,s james. so the communist party listens to our internal debates, piles on and tries to be the loudest one in the room on social media and they did it again during covid. >> yeah. you were early on this. you were trashed as you said. and the person leading the charge among esteemed government health experts was anthony fauci, in throwing cold water on the lab leak theory then. he has since kind of amended this approach to say, well, i never said it couldn't happen that way. and now of course we get this commentary from dr. burkes.
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wouldn't it have been nice if she shared those thoughts in early 2020 when it might have done some good. i agree, we'll never get the full story out of the people's republic but i think there is information to be gotten out of the national institute of allergy and infectious diseases run by dr. fauci and i think you will see if the republicans win the house this fall a very aggressive effort to investigate and to get any documents that tell us what happened to u.s. taxpayer money, did it end up funding research in china that led to a catastrophe. maria: and those investigations have begun on the gop side but if this is true, dr. burkes book, that tells us it was about power. >> it was the maintenance of power, the perception of reality and at some point it crosses into what i believe is culpable negligence. how do you destroy a national economy, indeed much of the
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world, based on made up information. somebody has got to be held accountable, maybe more than one somebodies because you just don't do that to a person, to people. maria: no wonder we're losing confidence right now. >> trust in the media is an all time low in the united states because people can look at two and-a-half years ago what you reported and how you were trashed and they can look that all the mainstream outlets have followed after you broke the story. it's two and-a-half years ago on the internet. no wonder people don't trust media. maria: that's happening over and over again, the russia collusion lie was another situation where the whole media landscape was on board and driving this narrative that was not true. it's just extraordinaire rim and you have to question why this is continuing to happen. who is going to stand up and stop this? >> ultimately it's going to be the american people. that's who it's got to be, it's got to be the citizens who thrive on innovation, cleverness, hope, aspiration. because those things to
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mr. sokul's point are still alive and well in this country. i believe that. >> you would hope the institutions of our industry would -- that need reform would reform themselves but more likely it's customers deciding what to watch, what to read and i think you are seeing that. obviously, some of the people who define themselves with the collusion scam have found audiences leaving, now that they're not riding that a anymore and it's been discredited. there may be a market correction here. maria: we'll see. we'll take a break. when we come back, bringing back american manufacturing, the senate is advancing a new bipartisan bill on semiconductor production. keystone institute senior fellow gordon chang will tell us what it means for competing with china when we come right back. stay with us.
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maria: welcome back. well, the senate voted 64-dollar dash 34 to begin debating on legislation that would provide about $52 billion in subsidies to encourage more semiconductor manufactureing in the country. the vote paves the way for a larger package that would include additional funding to scientific research. joining us is the gatestone
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institute senior fellow and the author of the coming collapse, gordon chang. thank you for being here. we've been talking about the reliance on the ccp that this country has, whether it be from prescription drugs to semiconductor chips. what do you make of this bill and do you think this is going to help the u.s. gain more independence when it comes to producing this very important product? >> no one likes industrial policies, maria, but this bill is a good thing. because we're in competition with a country which has an industrial policy on technology specifically semiconductors that could very well damage and maybe damage permanently america's semiconductor companies. so, yes, i think this is a good thing. now, china's semiconductor policies have been a disaster internally but xi jinping, the chinese ruler, is extremely determined and despite the mistakes in the past he could actually put the united states in a very disadvantageous
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position so yes i like this. maria: are we doing anything about that, to protect the united states should xi jinping put the u.s. in a tough position. i mean, let's face it. they have been flying jets into taiwan air space now for a year. taiwan is one of the major hubs to produce semiconductors. what are you expecting to take place here and how can the u.s. protect itself? >> well, the u.s. can protect itself by doing something very simple and that is encouraging companies to bring their factories back home and unfortunately the biden administration is going in the wrong way on this with, for instance, its june 6th solar panel tariff as well as it's expected lifting of section 201 tariffs, those are dog whistles for american companies to keep their companies on chinese soil. the biden administration doesn't
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understand the seriousness of the challenge. we need our factories back here. it's not just semiconductors. it's also pharmaceutical as you point out. chaff is aim -- china is aiming for self-sufficiency. they don't want to be dependent on us and we shouldn't want to be dependent on them. it's am simple as that. xi jinping has malicious plans. maria: talk to us about the malicious plan. we had a whole conversation. morgan ortagus is here. she had to you alert the world to what the state department was thinking in terms of where covid came from. we don't know the origins of covid for sure because joe biden refuses to press xi jinping on a real investigation and the chinese communist party will not allow a real investigation. what's the overall plan here from the ccp's standpoint? >> well, the overall plan is to assert sovereignty over the entire planet earth as well as the moon and mars. and, yes, i know that most
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people think that that is just absurd but we have to listen to what chinese officials are actual ily saying. -- actually saying. and with regard to the virus and i heard morgan talk about this before and she's a real hero. the point here is that wherever this disease came from, and i believe it did come from the lab, but wherever it came from, we know that the chinese leaders deliberately made decisions to spread this disease beyond china's borders. and so that means that that 1,025,000 or so americans who have been killed from covid-19, each one of those is a murder as well as the 6.4 million people outside of china who have been killed by this disease. they lied about contagiousness. they were telling people like deborah burkes not to lock down the u.s. clearly that shows maligned intent. maria: let's not forget, james freeman, jump in here, let's not forget the other thing ccp is
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doing, manufacturing fentanyl and sending it into america so there's that. >> terrible. and i think we're in agreement on the threat that the chinese communist party represents, gordon but this idea, i just do have to question you on whether the government funding and trying to assist our semiconductor industry is the way to go here. i mean, isn't our big advantage over china that we don't have the government running our technology industry to the extent they do. we have had a lot of success and we led the world because we don't have the government running it and i know you're familiar with the failed attempts by the federal government to help our chip industry in the 1980s. isn't this money going to distort markets, possibly bring more bureaucracy from washington with it and largely end up being wasted? >> well, i don't know about being wasted but your indictment is obviously correct but the point is, countries with
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industrial policies can do great damage to countries with only free market policies in the short term the. now, in the long term, you're right, countries with free markets always prevail. but the point is, in this competition with china, james, there may be no long-term. this is far more urgent than people think. we have to compete with china now. we've got to compete in the same way they're competing with us and i know this is not what free marketers want to hear but this is extremely urgent. maria: yeah. we're all concerned about it, gordon. we understand. thank you so much for all of the work you're doing on this topic, gordon. great to see you this morning, sir. thank you. >> thank you, maria. maria: gordon chang. quick break and then calling the squad car, congresswoman alexandria ocasio-cortez and ilhan omar are arrested with invisible handcuffs during a protest on capitol hill. she's walking around like she has handcuffs on, there were no handcuffs. congressman jim jordan is here to weigh in. don't miss it.
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say goodbye to daily insulin injections. omnipod is a tubeless, waterproof pod built to simplify life with diabetes. try it today. go to omnipod.com for risk information, instruction for use, and free trial terms and conditions. consult your healthcare provider before starting on omnipod. maria: welcome back. house democrats are moving forward on a possible assault weapons ban, the judiciary committee meeting today to markup that bill. joining us right now is the ohio congressman, jim jordan, the ranking member of the judiciary committee, the author of the book, do what you said you would do, fight forge freedom in the swamp. it's great to see you. thanks very much for being here. >> good to be with you. maria: what happens with the assault bill markup today and this week. >> hopefully we can stop it. the second amendment is clear, the right to keep and bear arms shall not be infringed. it doesn't say the right to keep musk, it says arms. it doesn't say shall not be infringed unless it's an assault
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weapon. the second amendment is clear as it can be. the democrats are bent on attacking people's liberty. you have less money in your wallet, less gas in your car and less freedom because of democrat policies. we're going to fight this as hard as we can. i don't know if they have the vote on the floor yet in the full house to pass this, let's hope they don't. because the second amendment is pretty darn important. that's why the founders put it right next to the first. maria: i don't understand what's going on here. we're having conversations all morning long about the agenda and why you've got the progressives knocking down the institutions that founded this great country. i mean, look, david sokul wrote the book, america in perspective, defending the american dream for the next generation, talking about efforts to pack the supreme court, you know, change the second amendment, the first amendment, censorship, all of these fundamental principles of america.
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what do you thinker is behind these motivation? in don't like america, plain and simple. the left doesn't like the things that make this the greatest country. they like the double standard. they like the court experts making decisions not elected officials. you put your name on a ballot, you run for office, the if you're elected, those people make the decisions. they're accountable to we the people. that's why they give stock and power to fauci and experts who never have to stand in front of the people and run for office. they don't like the country. frankly, maria, they don't like those of us who do like the country. that's why they have disdain for people who love america, that's why they want to he create the disinformation governance board so they can go after people like you telling the truth and people like me fighting for the constitution. that's the problem. the good news is, the country get it. the people of this country get it. i think they'll show up in a big way in less than four months. maria: the progressives are
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putting on a show. this week, 17 house democrats were arrested yesterday, outside of the supreme court during a pro abortion protest. they were protesting in front of the highest court, even though that's not illegal, blocking the street between the court and capitol is illegal. so they were arrested. members of the squad turned the protest into a spectacle with congresswoman alexandria ocasio-cortez pretending she were handcuffed. there were no handcuffs in sight. >> yeah. i mean, again, this is the left. this is the way they operate today. i guess i'm more concerned about the broader effort to intimidate a separate and equal branch of government, the united states supreme court. we've seen a pattern, started with schumer on those same steps when he said a few years ago, gorsuch and kavanaugh, you unleashed a whirl wind, you will pay the price. it continues with what you said earlier, democrats introducing legislation to add four
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associate justices to the court, to pack the court and we have the actions we saw there yesterday. maybe just as troubling is when nancy pelosi for four weeks held up the legislation that passed unanimously in the senate to provide protection to supreme court justices' families, held it up and during that time while she was holdings up that bill, brett kavanaugh, one of our supreme court justices, there was an assassination attempt on a sitting justice of the supreme court. this effort to intimidate the court is very dangerous. maria: there was no comment from the doj after there was an assassination attempt on brett kavanaugh. now an activist group is targeting congress. they tweeted we disrupted the state dinner and we will disrupt the congressional baseball game, the monsters tearing our country apart deserve no peace writes shut down d.c., the same group who previously offered cash payments for tips on the locations of supreme court
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justices. >> yeah. then it's interesting now radical the left is. i'm concerned like you are, where is the justice department because there's a statute on the books that's directly on point, 18usb, 1507, say if they're protesting as a jut is the's home to -- justice's home to try to influence the court, they were doing that, this is directly on point for that statute and the justice department does nothing. that is a concern. so you now have -- think about this. the key agency, one of the key agencies in the executive branch actively participating in an effort to intimidate a separate and equal branch of the government, that's not supposed to happen. i think all americans are concerned about the lack of action from the justice department on that statute. maria: if you were there on january 6th you're an inser insurrectionist but no problem if you want to see a supreme
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court justice dead after the abortion ruling. keith, jump in. >> is the presumption the american people are too dumb to understand or they're going to steam roll the rest of us into believing this. >> the american people get it. there's a reason why nine out of ten of our fellow citizens think the country is on the wrong track. they know it's driven by the biden administration and the hard left which controls the democrat party. i think the country figured it out. i think in 110 days, the midterm elections, i think they're going to make a big change. maria: 110 days, james freeman from the wall street journal, jump in. >> i'm just wondering, congressman, if you think that we're out of the woods as far as for this session of congress avoiding a biden tax hike. he's been trying. he's been trying. can we breathe a sigh of relief and say he's failed for this year or is there still a danger here? >> well, i mean, look, if the election goes the way i think it's going to we're going to be
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okay in the next congress but we have to get through the next few months. i think joe manchin, god bless him, i think he's not going to go there so that takes away the reconciliation vehicle. so let's hope that's the case. i think it is. this economy's in a bad enough situation and we already have the worst tax in history being put on american families, that's inflation driven by the fact that they spend money like crazy, pay people not to work and driven up the cost of energy so we've got the worst tax. let's hope they don't do anymore and i think joe manchin understands that. maria: you've got higher interest rates, inflation at 40 year highs. who is running the country? who is telling him that now is a good time to raise taxs in. >> i mean, again, even if joe biden wanted to do the right thing on energy, want todd do the right thing on the border, wanted to do the right thing on crime an inflation, even if he wanted to, the left, those getting arrested and walking away in fake handcuffs, the left won't allow him to do-even if he
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wanted to do. i don't think he wants to. i think he's doing what the left says. even if he wanted to he won't, they control the party and that has to be stopped. maria: good to see you this morning. thanks so much. jim jordan in d.c. quick break and the battle over the 25th amendment, congressman troy neil and pete buttigieg get into it over president biden's mental capacity. we'll show you the exchange when we come back. it's the hot topic buzz, next. ♪ new projects means new project managers. you need to hire. i need indeed.
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maria: let's check housing, housing starts dropping to the lowest level in 9 months with an adjusted rate of 1.5 million units, that is a 2% decline from the month of may. may was also a horrible number. this as we await june's existing home sale numbers this morning at 10:00 a.m. eastern, expected to be the lowest reading this march of 2020. joining us the ceo of kane international, jonathan goldstein. thank you for being here. >> hi, maria, good morning from steamy london. maria: steamy long door where you have incredible properties as well as those properties you
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have in beverly hills and throughout florida. i want to get your take on what's going on not just in housing for individuals but also what you're seeing in the hotel business. give us your assessment of housing today. >> well, let's start with housing and you have to admit there's really nervous signs out there. housing starts as you're saying have dropped to nine month lows. we know the interest rates are only going in one direction, that's what all the central banks around the world are telling us and whether it's in the u.s., whether it's in canada, whether it's across europe or in britain, there's a very nervous situation out there. and i am very concerned. i think we should be concerned because we're seeing a storm where there is a shortage of supply, we're seeing inability of people to get on the ladder because mortgage rates are increasing and it's more expensive for people and we're seeing rental levels grow and grow and grow. we're seeing double digit returns across the whole of the u.s.
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we're seeing in manhattan, we're seeing it in my am a my, across -- miami, across the whole of the u.s. and that's the same story around because of the shortage of supply. some would see that as a great opportunity at this point in time to provide the supply to the system but we need encouragement from governments and encouragement from central banks and they need to understand that it's not just interest rates. we have to be thinking wider than that, how to deal with these issues in the economy. maria: i think it's a great point you make. i want to ask about policy, especially as we watch homelessness skyrocket across the country. but let me get your take first on the impact of rates because mortgage rates are jumping. we've got inflation at a 40 year high. freddie mac shows the 30 year fixed rate it as 5.51%. jonathan, have you seen demand destruction as a result of 5.51% mortgage rates, people want to buy properties, they see what their monthly costs are going to be and they say you know what, maybe this is a next year thing.
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>> well, maria, it's a mathematical point. you can't just look at 5.5. you have to say let's take 4% as a benchmark, maybe a year or so ago. that's 50% rise in people's mortgage rates during a time when they can least afford it because they're experiencing nearly double digit inflation across household goods they're buying. if they can't afford their mortgages and they can't afford their household supplies, something has to give. we can't live in an environment where double digit pay rises are the norm because businesses and consumers can't afford that. that's why i'm so nervous about the lack of policy coming out from central banks and from governments across the world because all we're hearing about is interest rate rises. maria: that's a good point. >> we need a more sophisticate edand more sensible approach to this problem because i'm very concerned for people on the street. you mentioned homelessness. you can't travel around the world today without being
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horrified by the level of homelessness we're seeing across the world, across american cities, across european cities and the same in the u.k. and we as business people have a responsibility to ensure that there is sufficient supply for people to live in. maria: well, i mean, one of our panelists when i saw you at the milken conference told me that during 2020 15% of people working at home depot were homeless. 15%. i was absolutely outraged. i mean, how does that happen? what did home depot do to respond? and i mean, what is the policy you think should come out of federal government? >> obviously, i can't speak for home depot and i don't think i should. what i can say is there has been a lack of concerted governmental overt across all western economies for decades now to ensure there is a sufficient supply of affordable a housing and what they've done is they put blockages and regulatory and
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red tape problems -- maria: that's the key. >> problems in front of developers and there is no concerted political focus and this is a problem and be that from the right or be that from the left, the same problem. maria: you just hit on it, all of the bureaucracy that the country, business operators have to go through because of all of the red tape and too much regulation is hampering this market. i want to get to james free nan a second from -- free ann in a a second. tell me your thoughts on the hotel business. you've got some beautiful hotels and properties that you've been investing in over this last couple of years where we've seen some distress. >> we're very excited by the hotel business and we continue to be long-term believers and in fact we are the -- we've been the funders of the hotel in new
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york on fifth avenue which will open up in the next month or two and we're proud be partners with iman and darden, the ceo of that business and look forward to that opening. we have hotels in beverly hills and others around the world. i mean, the one thing i'll say to you, the travel sector and the hotel sector has been extraordinarily resilient. what we are now seeing is a travel crisis around the world where airports are not capable of operating and able to deal with the capacity and i am concerned about the travel sector and about the luxury sector because, again, we have not got ourselves regeared to a post pandemic world. and we're seeing in london the heathrow airport is cutting massive capacity. i was in the states last week, seeing similar problems around airports in america. maria: yeah. >> we need to get our act
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together. maria: jonathan, is that also too much regulation? is that also the fda in the u.s.? is that regulators, policy. >> i think it's regulation. i think there was shower and shm in 2020 and '21 and i think the airports cut too hard and the airlines cut too hard into their stock. they did not support their employees at a time when they should have and when they now need them unsurprisingly there are security checks, there is trading, these are dangerous businesses. maria: it's a great point. >> i think i'm really excited, i'm a massive believer in the luxury sector. i'm a massive believer that people will enjoy themselves in the post-pandemic world. we have to ensure we have the infrastructure to support that. maria: especially now, people want to get out. it's always great to see you. please come back soon. thanks very much. >> thank you very much. maria: jonathan goldstein from kane international. we'll be right back. we have the hot topic poz on the other side -- hot topic buzz on
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with a jitterbug? or return from war, dreaming of the possibilities ahead. the 1950 census adds new detail to your family's story. explore it free on ancestry. maria: you users questioned donald trump state of mind in september of 2019, when you stated to cnn, i quote if our presidency is not in good shape, then our country is not in good shape. we now see the mainstream media a questioning president biden mental state for good reason he shakes hands with
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ghosts, marjory people false off bicycles, even at the white house east celebration easter bunny had to guide him back into safe place, cards that say here, end of speech he actually states, have i spoken to any cabinet members about implementing 25th amendment on president biden. of course not. maria: there you go "hot topic buzz" texas congressman troy, and pete budget beijing transportation secretary into it yesterday, can go if cabinet mbs have been speaking about invoking 25th amendment on president biden we documented several instances biden appearing lost shaking hands with no one stomachbling on words falling down steps falling off bike losing train of thought the democrats not sure if he he is fit enough to run in 2024 never mind fit enough to run this country today in 2022 we are taking -- this story, does not bring any joy to anybody, we've got a
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commander in chief clearly on the world stage weakens. >> i think jobs are incredibly tax ones someone when i was with pompeo as former secretary of state alleviate half international sometimes three countries a day what a president or secretary of state someone has to do schedule is grueling i was in late 30s i could barely keep up with it so when you think of demands on someone like biden start to look he gaffes, when he said earlier this year putin can't remain in power at least four times us would fight militarily over taiwan important but not u.s. policy. maria: this is not about his busy schedule, this is not about his age, there is a serious issue. >> i agree with you, i don't think he has pass to keep up with demands of the jobs absolutely firsthand having experience, tough for a healthy able-bodied person
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much less one does not the show capacity -- >> the question is we are seeing this so are adversaries he is this a national security issue. >> i think much more than national security issue a competence issue you are cannot project leadership if you don't internally everybody has seen it with eyes, recognizes the signs. >> is -- 25th amendment. >> i would say not -- >> that would be, i think first if the people in cabinet are confused or concerned, they would say let's get cognitive tests, if they have a concern. that having observed a number of instances in public where the president does not seem able to -- to reach a coherent, regrets sends out staff to walk back later i also should be noted that pete
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buttigieg is not the most objective source to raise this question obviously, a rival likely whether kamala harris or next democratic candidate. >> 25th amendment cabinet decision has to be cabinet we're going to continue keeping spotlight on this this is a serious one, and has risen to level of adversaries watching the next hour of "mornings with maria" begins right now. . . good wednesday morning. thanks very much for joining us this morning, i am maria bartiromo, it is wednesday, july 20 your top stories 8:00 a.m. on the east coast, we have been watching a hot streak interrupted this morning stocks vpg lower ahead of major earnings economic data following a month of gains for stocks handful better-than-expected earnings he this past month we are looking for confirmation after citigroup goldman sachs brought a strong rally in financials broader market
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markets in july higher across the board gain 6% on the nasdaq, for the month, tesla reporting second-quarter earnings after the bell a big week for corporate america, as you can see there, tesla shares this morning up 1% we are also watching netflix reporting better-than-expected resulted yesterday, beating on earnings per share but missing revenue, the company also reported fewer subscribers lost, than anticipated, the market was expecting two million subscribers cutting membership in fact it was below one million, stocks up better than 2.4% yesterday gain 754 dow jones industrial average, closing above 50 day moving average for the first time since april 7 with big tech growth driving rally nasdaq up 353 brrz than 3% s&p higher two 3/4 weak housing data out in a few hours getting the existing home sales report we expect to see
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lowest reading since march 2020 at 10:00 a.m. eastern this morning, president biden is making his way to massachusetts this morning administration, considering executive action, on the climate change emergency he is calling it as americans are facing pain at the pump different emergency there, price of national gas right now 4.46 a gallon this morning, across the country, down from the highs of the year certainly and brented and crude also pulling back from the highs, oil prices 105.80 on brent down you-1 1/2% crude oil 102.77 down one and aid that % yiefrn markets also negative now ft 100 down 15 cac quarante down 9 1/2 dax lower by 67, the european central bank, will be raising interest rates for the first time in more than a decade, taking rates from below zero, up in asia overnight green across the board japan best up better than 2 1/2%, "mornings with maria" is live right now.
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. . >> well squad turning a pro abortion protest outside supreme court into a spectacle, 17 house democrats arrested by capitol police congressman alexandria ocasio-cortez pretending to be handcuffed no of you have there but pretending she is handcuffed escorted away with a smile pumped if i have the to krous of supporters protesting in front of the highest court not illegal but blocking street between the high court and capitol is illegal. joining the conversation all morning long this morning m morgan ortagus he keith fitz-gerald james free nan we are taking about the show that democrats put on yesterday, putting our hands behind her back making believe she is handcuffed i guess added drama. >> a must have been because certainly wasn't any other way to describe it this is not law making not legitimaten
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representation. >> what is happening in the country. >> a portion of the democrat party yet, there is a lot of -- loudest, not moderate president that we were promised i think many americans thought voting for -- that went out the windows with -- >> civility a few other things. >> interesting to me i think, "new york post" caught it a picture of smirk whenever hands behind back with nonexistent handcuffs,i can go in, to codify this if you like, people that worked on this issue, protesting spent 50 years, going through consequence process your guest on 6:00 a.m. hour talked about how we legislate in america you know nothing for, anything for the a good id pic. >> exactly. >> you wonder sometimes is it intended to get a policy
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result or is it. >> no! [laughter] >> think of pelosi decision to do capitol riot event featuring a song from cast of "hamilton". >> [laughter] >>, you are right. >> you just -- you really wonder what is the goal you are kind of advertising, that people shm not take these seriously as seemingly trying to make a point about whatever, whatever policy you are trying -- >> the right hashtag, the administration, exercise never mind ruble higher than before invasion we are against russia expects going to let them negotiate on behalf of iranian. >> we will take a break coming
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up, what a month of market gains it has been strong quarterly what earnings that means for the broader market talking with citi iument cg chairman when we stay with us. ♪♪ ♪ . you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence.
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maria: welcome back stocks refreshes does westward looking at decline as earningsn away s&p down-1 1/2 nasdaq pof extending a pretty good rally in july so far, better better earnings reports have lived the market after weak first half look at markets dow up 3 1/2 thursday this month nasdaq up 6 and a
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quarter percent s&p 500 higher by 4% in july joining us citi institutional clines group chairmen leon great to see you. thanks for being here what do you make of this change, in markets, just in the month of july has anything changed in terms of sentiment that you can share. >> i think the sentiment probably still hasn't changes people are looking at earnings season rights now, and the reality is, that it is less bad than thought from earnings standpoint people are getting comfortable with what i call new normal you will have days of unbelievable volatility, friday, monday, that will continue on here for awhile until we settle out, but i think, we have a period where, rates are going up with fed we have a period where people are evaluating the pressure in terms of energy and food, and until we see some stabilization we will probably have more volatile market. >> a what are you seeing in your business right now leon? a week away from fed hike
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expecting to raiser 75 basis points a week from today how does that change things anything in term of ipo markets, we have seen a quiet period there, because of this market, uncertainty. >> right the ipo market if numbers correct down 90%, so that is a big number, slightly less than that on global base, there is really a very, very limited market here right now for ipos not to say people are not getting ready, and i think the whole market all folks are doing i am sure competitors on street getting companies in a position to be able to access the market in a position means getting prepared financially managely, they want to be there for first or second quarter of next year perhaps end of this year, so he there are in position to access
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market readiness plooifz to m&a. >> does that mean economy is less bad than some talking about we had a guest on saying old economy companies manufacturing are booming right now what do you see when you look across the landscape. >> if you look at it in u.s., corporate balance sheets are in very, very good shape right now. obviously, we've had the supply chain pressure, and inflation, that is easing un, in some places, here right now obviously, indicates recessionary issues but the earnings numbers are pretty good so we think from a u.s. standpoint,right now, the banks are in good shape, as evidenceded by results that all of our competitors put out, the -- markets --. >> and citi thankfully, yes, we are very proud of that, but, at the same time, the marketplace is looking at companies saying your cash flowing well dividends going up correctly right now not
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overleveraged the reasonable position. >> what about europe you spent last -- >> few weeks. >> few weeks in europe a, does europe go into a recession before united states? >> the i think europe is in a different position here, it is in a position where russia and ukraine are much closer from a physical standpoint, the humanitarian crisis is much closer to them, food issues, the energy issues much, much closer here right now i think europe, probably goes into more of a downturn sooner than we will have in u.s. if in fact we have one at all, uncertainty whether any recession. >> not sure we will get a recession. not good predictor here but certainly unsure whether what is define as recession at this point. >> i am curious about the great strong companies invest through times of crisis. >> correct. >> i am hearing from you that very much is happening behind-the-scenes. >> great strong companies
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invest in fact great investors -- during a crisis if you look at history of the great investors, they go against the tide, so i think you will see investments right now capital side in terms of people side you had a tight labor market continues on companies will continue to ensure they have resources, as they come out we don't see any cut back in anything that would you label as profound. >> china having a very difficult timing could out of covid, the lockdowns we heard about how much is that going to affect europe or us? >> china obviously, a critical part of the world economy here, it is uncertain when lockdowns start to alleviate here, you know they've been pressures on re in china pressures in terms of economy tourism close to zero very, very mitigated one element to remember we've talked about
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esg extra s we talked about security, so, in terms of and by security, i am not talking about military i am talking about supply chains et cetera, but i think you will continue to see companies moving certainly aspects of their supply chain, into places that they feel more secure, in a downturn in difficult times obviously, that happened in covid, when it came to healthcare issues, that i think a continued theme. >> great point that you make because right now, you've got to priortize in environment seeing slowdown recession or not the corporates have to -- where are they spending most you are speaking with ceos all the time, so where do you think that spending priority is? is it security? is it you know -- tight labor market where is is it technology? where is the focus of spending. >> okay couple areas firstly supply chain continues to be a
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focus, whether you are automotive any sector right now ensuring your supply chain continues to be robust and continues to get solidified a big priority, second, looking after your labor force, obviously, that also comes out of covid where people want to ensure, that the labor force is comfortable happy working in that kind of advisement. and last but not alleviate, continued investment in technology. >> values have come down so this is an ideal moment in time companies may have looked at two or three years ago going to be how shall we say slightly cheaper at this point great opportunity for robust balance sheets to invest in tech nice to see you all. >> morning mover netflix it is up this morning in premarket better than 6% reporting mixed earnings after the will be last night still lost 970,000 subscribers last quarter, but it was a relief because, the market was expecting two
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million cuts, chairman hastings responding saying company excitement tempered by less bad results he called it jpmorgan raised target price to 240 now 213 and change it is down, 66% year-to-date quick break then president biden priorities how the administration more focused on climate, as opposed to economic disasters like gasoline fox news radio host benson will weigh in celebrating 10 years, lane lobster live checking in on small business get fresh taste of success in the food truck business coming up later this hour. ♪♪ ♪♪ see the birds, ♪ ♪♪ meet jessica moore.
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maria: welcome back. president biden traveling to a shutdown power plant in massachusetts today to push his green agenda even if americans struggling with skyrocketing gasoline prices white house trying to take credit for falling gallon prices average for regular gallon is now 4.60 in massachusetts, above national average right now .-- two
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dollars more than the week that joe biden took office, joining us right now fox news radio host contributor political editor for town hall.com guy benson. >> filling up the tank. four tanks of gas a long trip every time this was clicking up and up and up muttering under my breath i can't say on air, painful for people, i know they can brag it is down okay down what 50 cents or something, great it is still 4.50, 4.60 places 5 dollars a gallon not something to brag about b, bragging doesn't make sense based on excuses we still remember. >> owe in the camp this is intentional department transportation secretary pete buttigieg pushing, and getting slammed for pushing electric vehicles did o so on capitol hill yesterday your reaction.
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>> is biden administration, actively pursuing high energy prices in order to force americans into electricity vehicles. the pain we are he experiencing from high price of gas more benefit for those can access electric vehicles. >> you are saying more pain we have the more benefit we are going to get. >> what we're saying we could have no pain at all, by making, evs cheaper. maria: word salad, wait, are you pushing this gas prices up so that people get electric vehicles? of course, he said, of course,. >> i said yesterday, in some ways the pain is the points, they believe ideology keeply from fossil fuels inopportune time i think you would be willing to countenance some pain not quite this must it has political consequences for them a lot of americans most cannot afford that this moment
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electricity does not grow on trees, is not free, that is another thing, generating that has i think most people understand that is not really the immediate reality from those people, if there is going to be a transition i am all for if affordable makes sense going to be over long period of time not government officials cracking whip innicing pain that quasi almost endorsed trying to dance around. >> i don't think they care about political consequences, by the way, if they cared they are going to lose in november that they are going to, you know, see approval ratings going down we would have seen that right in no impact with whatsoever. >> i guess back into a question of the president's abilities capabilities but this is a puzzle this guy in politics more more than half a
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century all he has ever done message con not be clearer that is not day voter priority in case didn't want to read polls getting that from u.s. senate saying no, not priority. why does it not lead him to do what he has done all his career? find a deal. >> good one. a good question, and i suspect that this president if you look the way he campaigns successful, and people made fun of the campaign but it worked you can't be a basement president number one number two, he is governing scared. he is scared of his left flank if you look at a lot of his decisions that seem against traditional old joe biden, it is because he lost the couple steps surrounded by people much further to the left than he is, he is afraid of alienating base of his party yes he has, right? so alienated we'll country for the most part pursuing desires
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priorities of this smaller group who are still deeply dissatisfied want to replace him anyway so o sort of like it has been the opposite of politics 101 i don't know pivot in him. >> hypocrisy data shows climate czar john kerry, his family jet has he admitted more than 00 metric tons of carbon dioxide, since biden took office typically vehicle about 4.6 metric tons of carbon dioxide, then john kerry running around town telling us dangerous, and situation, that we have to fix right now, he is in this private jet in emitting all this. >> familiar jet mind you, what does that mean i would like a family jet. >> i think people making policies for everyday americans like you trying to drive go on vacation people that have family jets that is
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a problem. >> you know this is good for thee, out in for me he he selective labor if you call that it. >> i've decided not to get a family jet. >> big of you very proud of you on that morgan and i are going in on one we can afford one hour of flight time i think. >> talk about average americans what have they all been doing the last two years? zoom calls all this stuff then see someone who is he supposedly more concerned about climate change than anyone else, in the country, with a private jet, emitting all that stuff you why can't they have very important conversations on this very important issue? remotely like everyone else has done. >> exactly. >> because hard to beg for oil in saudi arabia. >> exactly rich to talk about this when riding in limo eating, taxpayer subsidized, health plans, limousine liberal hood at best.
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>> quick break bringing business back home to america kevin brady is here with a new policy that would combat the chip shortage and put us in a better position, to compete with china going to walk with a us through it on a roll lobster roll that is cousins main lobster to celebrate 10 years in business how faring with inflation have they passed it to you live in fox plaza we are going to talk with them at the food truck coming up you are watching "mornings with maria" live on fox business. >> poor me ♪♪ i don't want to feel the pain no more ♪ . .
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♪ if you shop at walmart, you get it. ♪ you know how to spend a little less to get a little more to make life a little better. ♪
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maria: welcome back, good wednesday morning. thanks very much for being here this morning i am maria bartiromo wednesday, july 20 take a look at markets this half an hour you a headed of bell one hour away markets have turned decidedly negative dow industrials down 9 1 s&p a down 10 nasdaq lower 18 1/2 about what a month it has
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been, we are looking at earnings and economic data this morning, and we have been watching gains throughout the month of july dow up 3 1/2%, nasdaq up 6 1/4% s&p 500 higher by 4%, this month as we have seen a hands full of better-than-expected earnings he gos reports, we are waiting on tesla earnings after the bell tonight the stock is up two-thirds of a percent june existing home sales 10 a.m. eastern expected to show the lowest reading since march of 2020. higher mortgage rates cutting into people's ability to take out he mortgages, senate voting yesterday to move forward, on chips bill aimed at boosting chip manufacturing in america providing 52 billion dollars in subsidies vote pacing the way for a larger package could include additional funding for research, joining us right now texas congressman kevin brady great to see you. thanks so much for being here.
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>> -- congressman can you hear me? >> yeah, i hear you great, thanks. maria: okay. we are getting to kevin brady in a moment standing by, but i want to talk about what might get done, before this session is up, cowen and company a kort, healthcare reconciliation bill drug pricing two-year extension, care subsidies as well 52 billion chips tax break china tariff relief remaining in political policy gridlock kevin are you with us. >> i am, am i coming through. yes, you are thanks so much for being here, what are you expecting to get through before the august 5 recess sir. >> so look, let's start with these semiconductor industry way ought to be excited about u.s. industry world leaders fell nearly -- sell nearly half semiconductors around the
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world south korea in second, 20%, china a mere 5%, taiwan not much more. we are this is one of our top four exports frankly we proud almost half of all semiconductor chips in the united states this is a very strong industry i am focused on the additional 24 billion dollars, tax cuts to senate, democrats, republicans proposing, i don't think those tax credits are warranted, in this case i think we are missing the bigger picture here, maria which is china, in their made in china 2025 economic plan seeking to dominate 10 manufacturing and technologies in the world, doesn't make sense to me to see -- in those industries are by the way, you know robotics artificial intelligence, biotech, ag energy technology
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doesn't make sense to me to cede to china nine industries priced tax breaks to one republicans proposed that we have tax incentives that help all of our industries compete and win against china, that including doubling research and development tax credit that means, guaranteeing one hundred percent expending, so they can write off that equipment, whatever industry they are in, then, of course, making sure r and d is full deductible. >> what our saying you just don't want focus on chips you want to ensure that we are protecting more than just the chip industry, because china want to dominate several, and we need to -- >> okay. so that. >> absolutely. maria: the chips -- >> yeah, i really do, i think healthy industry 52 billion dollars, is size of whole department of energy budget, you know sort of adding additional tax breaks on top of that ignoring the need to help all industry -- compete, i think i don't think
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warranted here. maria: we've got 16 days until friday, august 5, what do you think can actually happen you've got three bills in the balance democrats still trying to pass some version of the "build back better," even though senator joe manchin continues to say this is not happening, he -- had latest blow to legislation this week, you are specifically calling a tax on small business considered, does anything get done here i know it has been stripped down, and now, there are two keys provisions drug pricing two-year extension of the expooirg subsidies what gets done will they actually you will be successful in trying to push higher taxes in environment where we are facing 40-year high inflation higher interest rates. >> great questions all. i think they're going to democrats desperate right now polling numbers bottomed out maying lower irthink pushing subsidies for of thes
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chipmakers going to push to slim down, affordable area act expansion bair to returning -- half a million americans get better healthcare jobless than reconnecting work that is a major mistake, i think in this drug pricing is focused on the order oddest area generics lower drug pricing fasts they undercut competitive market there go to a price controlled system that also discourages development of new cures doesn't make sense, i think going to try to push that through, maria, your final point is joe manchin encouraging, a pause on this take a wait and see truth of the matter is our economy is not going to improve anytime soon, and i predict throughout september 30th when they can use this reconciliation to
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raise taxes, you are going to see inflation continue to rage, slowing economy worker shortage, and no right time to raise talking on small businesses and workers, especially heading into a recession. maria: does anything happen on electoral count election of reform around the -- the bill wall street talked about. i don't know that that is the case we're sort of running out of time i know outside democrats are still pushing, you know this takeover, of state and local elections, we are fighting that pretty tight. >> we know what priorities are of your colleagues on left, from the "the wall street journal" james. >>. james: we have been talking this morning trying to figure out why the president does not seem to adapt, to learn from mistakes, this is i just like the two trillion-dollar bill he did earlier 2021.
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big subsidies from washington, with incentive not to work. it seems like a lot of democratic economists say that was a mistake inflation fuel didn't help labor force participation, why is he now coming back to this same formula? >> you know, this is -- for some reason, the highest priority in healthcare, among democrats in congress and the president. they are, as you know, wed affordable care act they think expansions are you know remarkable, the truth of the matter is i think university of chicago estimates that half a million people, frankly, erect a barrier returning to work if you look at inflation, you know, all about the workers, and longer people stay home or disconnected i think the longer higher inflation remain i will.
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maria: what about the president wanteding to lift tariffs on china is that going to do anything? why does the policy out of this administration, continue to favor positive policy for china? >> yeah. it is -- from us traiting this is a political gymnasticcapping strategic petroleum reserve gas card gimmick i think the president going to try to lower tariffs on consumer items will have no impact on inflation whatsoever, probably keep much of the rest of the tariffs in place my guess is the way -- i don't see anything significant there. maria: all right. we will leave it there, is there anything congressman that you want to add that you are working working on priority in november should you get majority. >> we will focus on economy focus on workers and families going to see us focus on holding the
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administration accountable things americans want us to do. >> we appreciate your time leadership this morning. thank you, sir. >> yes, ma'am good to see you kitchen brady joining us a record-breaking heat wave is on the way, it is expected to last through next week americans wallets feeling impact as well jeff flock in philadelphia with more on that jeff good morning to you. >> maria, good morning to you from the park in philadelphia much of philadelphia comes to cool off when it gets, very hot, you can run through sprinklers if inclined can you can't do get out of higher prices for energy to keep cool take a look at numbers on electricity the brakes on prices for a gallon of gas but not a break for electricity up 13% the last cpi report natural gas, drives cost of electricity, up 38% in june. tough stuff, what will that cost you in real terms?
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for the summer? >> well for summer months, estimation 540 dollars for average electric bill up 90 dollars and about 20%. in philadelphia peculiar thing natural gas prices you know we had a warmer than normal winter, what they are able to do in philadelphia is put in a weather normalization chart that is to say if gas company didn't make as much as they thought they were going to make, because people didn't buy as much gas, they charged you because you get a break if it was colder, and average bill, one bill shared with philadelphia kwin acquirer 36.64 gas, 93 dollars for a weather normalization charge. doesn't sound too normal to me a lot of people getting hit, more ways than one, with this tough new weather situation we are in. i am told maria escaping studio as we speak, she is in
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search of a lobster, i am optimistic she will find it, "mornings with maria" continues in just a moment. . ♪♪ ♪
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. maria: welcome back. we are out on fox plaza could you see enz main lobster one of the nation's top food trucks and really purveyors of main lobster roll celebrating business they are with us as restaurants food trucks across the country are dealing with recession potential and inflation. the cost of fresh seafood up better than 10%, year-over-year, joining us right now is cousins main lobster cofounder ceo jim great to see you congratulations, on 10 years i remember, i met you, 10 years ago when you had one truck. >> one truck i was a lot younger. >> changes. >> you haven't changes how many trucks. >> 43, 10 restaurants, this has been a lot of fun along the way. >> james you've written about
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small business a great small business. >> more than 40 trucks now do you find businesses hard to finds people to staff them to cook -- a challenge right now. >> you have them a year and a half ago struggling throughout the country we focus on franchisees orientation be great to work for created a nice, on fabric all cities built strong teams. >> you've got 40 trucks, brick-and-mortar, we do opened a month ago flagship in very busy onboardwalk smaller restaurants, grab-and-go. >> how tough operating business building from scratch tell me how you did it where you got plumbing to get your start. >> 20,000 dollars each, savings, one food truck, then,
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franchiseing. >> now we're talking about potential of recession, potential of higher inflation, let me ask you about inflation, have you raised prices. we have last year gone up and up and up tried to keep in affordable like we say never waiver from quality that we use we feel consumers have same eating experience as 10 years ago they will keep coming back we have gone up a little bit lobster -- >> when you get, an increase 10, 11, 12 what has been increases, have you passed it on. >> steep he increases one of the most in the world, what we tried to do find a balance where not passing thing to consumer franchisees units, keep people happy hopefully when relief starting to see now, that really kept our consumer base happy, stand in
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line for hours grateful for it, but hopefully that is because we are telling a story bringing them the best, trying to connect them to the -- >> what about lobstertail, quesa . >> the lobster most underrated. >> lobster -- >> we're inflating the price even more start 40 bucks -- >> my god. >> where do you get most business tell me about food truck business because for awhile there i know that food trucks were having a hard time they have to pay for diesel, gasoline that has gone up. >> exactly everything i do everything in the world has gone up we tried to have a strategy to say not just saying -- we will travel we will pay for gas to go to
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markets when we bring it there not always there we pull away sefbz communities that aren't getting quality food al accessible to them, try to make that happen, it is very busy in new york city, san francisco, we just opened in detroit, restaurant, been wild very fortunate to have strong support. >> i love food truck business i think so entrepreneurial, i want to support food trucks. >> rents not cheap so does allow you i guess to know when going into a market, it is more uniform costs i would think as opposed to figuring out what is i space for restaurant is going to be -- denver versus new york. >> food, other prime thoughts at the end of the day, if weigh hustle find right franchisees great people, when
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new york city or detroit or columbus they can do very, very well, because they find people ultimately, doesn't exist in a lot of markets we are in. maria: do you get a lobster -- >> how -- >> okay, you are hungry. main lobster roll chilled you with lemon -- >> to oh. >> i don't know if you want to switch what you want to do. >> grilled cheese. >> yes whatever you want hands into my goodness look at are you getting this? >> how great is that. >> to i haven't had grilled cheese forever that looks so good. >> what is -- the lobter we will enjoy the delectables congratulations to you you so much for joining us stay with us. . . um, oh wow. um, the future is, uh, what's ahead of us. i don't get it.
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i'm okay.
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>> good morning everyone i'm in today for stuart varney in the right to it president biden is returning from his trip to the middle east the weekend and the next few days without any public events and was arresting with the white house claims he's been very busy and will sorted a lot of the president has an event on his schedule today, he will travel to massachusetts coming to talk with the climate is all we have high energy prices and inflation at record levels in

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